7 marketing and sales challenges in the post-COVID economy

7 marketing and sales challenges in the post-COVID economy

4. Adding a digital segment to the sales process

For over five years we know that between 60-70% of the buying process in B2C and between 30-40% in B2B takes place in the online environment. What does this mean? No more, no less than the fact that we can have a digital part of the sales process.

But how many companies have acted consistently in this direction? Of the studies on this subject we have in Valoria, the percentage is 36% in B2C and 21% in B2B. But time has no patience with companies that do not want to sell online. Even if this process is just started in this environment, and is to be closed offline, there is still much to be done to add a digital dimension to the sales channel.

5. Structuring and adapting recovery strategies

The quote that should always come to mind is this: „By failing to prepare, you are preparing to fail”. No matter how complicated the situation is and no matter how difficult the forecast is, the preparation makes the difference. The best approach is the scenario-based approach. From my experience in the Big Four, companies that are leaders in their fields of activity can work in a modularized manner, based on sets of variables, models and action scenarios.

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Even if we apply only a part of what we have structured, analyzed, forecasted, because the situation is dynamic, and we are still winning because all these prospects and analyzes allow us to observe more quickly where the opportunities appear and where the risks are. Our mind has already imagined them, explored them and can act quickly on their basis. We are no longer taken by surprise.

6. The capacity for frugal innovation in the new context

Innovation is not the responsibility of managers. Innovation can come from any part of the company. Therefore, competence, trust, autonomy, transparency, and real-time communication are required to manifest. Let’s take them one at a time. Competence because this is the basis of the relevant observation of the client’s need, which leads to innovation. Trust because the innovation once found must be communicated to those who have the role to approve it in the company. Autonomy because it is essential for prototyping innovation in a testing environment. The transparency of the data from the company’s systems for the marketing and sales team supports the whole process. As well as real-time communication, which is critical during the implementation period. My question is: how many companies meet all these conditions? From my experience less than 10%, which shows the size of the opportunity brought by innovation.

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7. Continuous recalibration of approach and efforts

A study by Harvard Business Review analyzed 4700 public companies three years before, during and after the recessions. The study identified the percentage of companies that outperformed their rivals: 21% for companies that opted for a focus on prevention, so reducing costs, and 37% for those who chose a focus on opportunities. The study found that „companies that reduce costs faster and faster than competitors did not necessarily have a faster return.” On the contrary, they have the lowest profitability compared to the competition when the times improve. What is the conclusion? Most companies need a continuous recalibration of their approach and efforts to recover from the crisis.

Photo: Unsplash

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